ArcelorMittal-Nippon JV to set up 24 million tonnes plant in the state
Industrialists and heads of major business groups have committed multi-billion-dollar investments in Odisha which is become a manufacturing powerhouse and gateway to the ASEAN markets.
Welcoming 54 Industry captains’ commitments to the State during the ‘Make in Odisha Conclave 2022’, Chief Minister Naveen Patnaik pointed out that the state is fast emerging as the fulcrum of trade, commerce and industrialisation in the eastern and the Bay of Bengal regional markets.
He encouraged the Federation of Indian Chambers of Commerce and Industry (FICCI) “to promote Odisha as a destination of choice for the investing community.”
FICCI President-elect Subhrakant Panda highlighted the tremendous potential for Odisha to become a manufacturing powerhouse and gateway to the markets in the South East Asian region – the 665 million people 10-nation Association of South East Asian Nations (ASEAN).
FICCI is leading the Make in Odisha Conclave 2022 held 30 Nov to 4 Dec 2022 in Bhubaneswar.
Addressing a plenary session at the Conclave, Lakshmi Niwas Mittal, Executive Chairman, ArcelorMittal, announced a 24 million tonnes a year capacity steel plant in the state. “We are setting up a 24 million tonnes plant unit in Odisha in a joint venture with Nippon Steel.”
Adani Ports & SEZ Ltd’s capital expenditure in Odisha over the coming 10 years will cross Rs.60,000 crore, CEO Karan Adani pledged. “The company is planning for 35 berths and a 5 MT LNG terminal at Dhamra Port, an alumina refinery and an iron ore project which will create thousands of jobs in the state.”
JSW Group Chairman Sajjan Jindal announced Rs.1 lakh crore steel plant in Paradip and silicon metal plant to produce solar panels in Odisha.
JSW has already invested Rs.60,000 crore in the state, he pointed out. The group was amongst the first ones to mine and utilize the mineral resources in Odisha.
The Chief Minister joined Vedanta Resources Ltd Chairman and Founder Anil Agarwal for laying of the foundation stone for aluminum park, an investment of Rs.1 lakh crore. It was done virtually from the summit.
Spread over 253 acres at Jharsuguda, the Vedanta Aluminium Park will be India’s largest metal parks, and draw more downstream players to Odisha to deepen industrialization in the state.
Jindal Stainless Managing Director Abhyuday Jindal also laid the foundation stone of Jindal Stainless Steel Park in the presence of the Chief Minister.
Jindal said he firmly believes that this step would benefit the MSME’s to a large extent and make Odisha a role model for other states for investment.
ReNew, a leading renewable energy group in India, also signed an MoU with Odisha for Rs.45,000 crore projects related to green ammonia, hydropower and nature-based solutions.
“We are certain that ReNew Power will play a key role in the clean energy transition of Odisha,” assured Sumant Sinha, Chairman & CEO of ReNew Power.
Tata Steel Ltd CEO and MD TV Narendran said his group is planning to double the capacity of steel in Odisha from the current 8 million tons a year.
Twenty-one MoUs were exchanged and 46 Investment Intent Forms (IIF) were submitted at the conclave, which also had 212 exhibitors and 11 country participation – Japan, Germany, Norway, Nepal, Bangladesh, Australia, Indonesia, Israel, China, Singapore and Thailand. fiinews.com
